Phone exchange program said to save Sprint $1 billion

A global cellphone exchange program has saved Sprint Nextel more than $1 billion, according to the U.S.-based company behind the recycling project, which says Verizon Wireless and AT&T are also participants. ERecyclingCorps, which began working with Sprint four years ago, gives subscribers who upgrade their phones and trade in older devices partial credit toward new purchases. Operators save money because the partial credits reduce the handset subsidies they pay.